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Livermore
Livermore
ZHEN

Budros, Ruhlin & Roe, Inc.

SEC CIK
0001468685
Latest filing
Nov 8, 2022

The latest 13F from Budros, Ruhlin & Roe, Inc. covers Q3 2022 (filed Nov 8, 2022): 219 long positions worth $814.3M. The top 10 holdings make up 61.2% of the portfolio, and the largest is Berkshire Hathaway Inc (BRK.B) at 19.0%. Livermore has 9 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2022

Share counts compared with Q2 2022: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
29
Est. +$71.2M
Added
69
Est. +$32.2M
Reduced
74
Est. −$58.2M
Sold out
16
Est. −$34.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. BRK.BBerkshire Hathaway Inc
    19.0%$154.4MHistory
  2. Schwab Fundamental International Equity ETF808524755
    9.7%$79.1M
  3. BRK.ABerkshire Hathaway Inc
    6.1%$50.0MHistory
  4. iShares Tr46434V456
    5.0%$40.5M
  5. Vanguard Dividend Appreciation ETF921908844
    4.8%$38.7M

Share of portfolio

Top 5 holdings and the other 214 positions, by share of portfolio value

  1. BRK.B19.0%
  2. Schwab Fundamental International Equity ETF9.7%
  3. BRK.A6.1%
  4. iShares Tr5.0%
  5. Vanguard Dividend Appreciation ETF4.8%
  6. Other 214 positions55.5%

Biggest buys

New and added positions, by estimated amount bought

  1. iShares Tr46434V274
    +$33.8MNew
  2. iShares Ibonds Dec 2027 Term Corporate ETF46435UAA9
    +$6.32MNew
  3. iShares Ibonds Dec 2026 Term Corporate ETF46435GAA0
    +$6.19MNew
  4. iShares Ibonds Dec 2026 Term Muni Bond ETF46435U259
    +$3.96MNew
  5. iShares Ibonds Dec 2027 Term Muni Bond ETF46435U283
    +$3.76MNew

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. iShares Tr46434V274
    +4.15 pp0.0% → 4.1%
  2. iShares Ibonds Dec 2027 Term Corporate ETF46435UAA9
    +0.78 pp0.0% → 0.8%
  3. iShares Ibonds Dec 2026 Term Corporate ETF46435GAA0
    +0.76 pp0.0% → 0.8%
  4. BRK.BBerkshire Hathaway Inc
    +0.51 pp18.5% → 19.0%History
  5. iShares Ibonds Dec 2026 Term Muni Bond ETF46435U259
    +0.49 pp0.0% → 0.5%

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. iShares Tr46434V456
    −$31.3MReduced
  2. ASTLAlgoma Steel Group Inc.
    −$27.5MSold outHistory
  3. JPMorgan Ultra-Short Income ETF46641Q837
    −$9.15MReduced
  4. KMXCarMax Inc
    −$3.66MReducedHistory
  5. Swedish Expt CR Corp870297801
    −$2.52MReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. iShares Tr46434V456
    −4.53 pp9.5% → 5.0%
  2. ASTLAlgoma Steel Group Inc.
    −3.27 pp3.3% → 0.0%History
  3. JPMorgan Ultra-Short Income ETF46641Q837
    −1.02 pp2.9% → 1.9%
  4. KMXCarMax Inc
    −0.65 pp0.8% → 0.2%History
  5. Swedish Expt CR Corp870297801
    −0.41 pp2.1% → 1.7%

Metrics

13F metrics for Q3 2022, computed only from the numbers in the filings. Definitions below.

Portfolio value
$814.3M
−$27.2M (−3.2%) vs. prior quarter
Positions
219
+13 vs. prior quarter
Top 10 concentration
61.2%
Top 10 as share of value
Turnover
11.2%
Q3 2022, one quarter
Average holding period
6.3 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

7 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $940.8M (Q1 2022)

Q1 2021: $834.2MQ2 2021: $908.8MQ3 2021: $878.2MQ4 2021: $923.2MQ1 2022: $940.8MQ2 2022: $841.4MQ3 2022: $814.3M
Q1 2021Q3 2022
13F filings of Budros, Ruhlin & Roe, Inc. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2022Nov 8, 2022219$814.3MBRK.BSchwab Fundamental International Equity ETFBRK.Avs. Q2 2022SEC
Q2 2022Aug 4, 2022206$841.4MBRK.BSchwab Fundamental International Equity ETFiShares Trvs. Q1 2022SEC
Q1 2022May 5, 2022216$940.8MBRK.BSchwab Fundamental International Equity ETFiShares Trvs. Q4 2021SEC
Q4 2021Feb 7, 2022212$923.2MBRK.BiShares TrSchwab Fundamental International Equity ETFvs. Q3 2021SEC
Q3 2021Feb 11, 2022Amended215$878.2MBRK.BSchwab Fundamental International Equity ETFiShares Trvs. Q2 2021SEC
Q2 2021Feb 11, 2022Amended227$908.8MBRK.BSchwab Fundamental International Equity ETFiShares Trvs. Q1 2021SEC
Q1 2021May 12, 2021223$834.2MBRK.BSchwab Fundamental International Equity ETFiShares Tr–SEC